DeFi

Metaplex and Mutant Labs launch DeFi framework on Solana

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The Metaplex Foundation introduced MPL-404, an on-chain framework and protocol focused on hybrid decentralized finance (DeFi). This initiative establishes the “SPL-404” created by Mutant Labs within the Metaplex program library.

The collaboration improves the integration of tradable and non-tradable products within the Solana ecosystem.

Source: Metaplex

Based on the announcement, Hybrid DeFi assigns token fungibility to non-fungible tokens, where it is possible to swap between the fungible token and the non-fungible token of the same item. Due to its relatively low cost and high performance, Solana is suitable for this innovation. SPL-404 makes it easy to exchange an NFT for a set quantity of tokens using NFTs, opening up additional use of NFTs.

MPL-404 provides mechanical tools for the NFT ecosystem. This includes dynamic trait rerolling for NFT projects, loot-box style mechanics for Web3 games, and on-chain identities for token communities. These create a digital experience for developers, creators and collectors.

Solana-based Mutant Labs was among the first to venture into the hybrid DeFi space to contribute by integrating the functionality of the SPL-404 exchange program into the Metaplex program library. He helps create dual DeFi facilities and improve the MPL-404 area by fully leveraging his expertise.

Metaplex and Mutant Labs will deploy applications to make it easier for Solana programmers to operate the SPL-404. It also aims to expand the use of the DeFi hybrid standard so that the creators of these products are supported with resources when using this functionality. The new hybrid on-chain programs will use a variety of Metaplex’s NFT standards, including core and token metadata; Developers will have self-service access to a variety of tools and SDKs.

Read also : Beeple to Deliver Immersive 3D NFTs to Solana via Metaplex & Render

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